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Home Owners - REFINANCING? Be prepared and Save money! In today’s marketplace – prices of homes in the North Texas area remain at all-time highs! With homes remaining on the market longer as the number of listings continue to grow, the decision to buy or sell a home can be difficult. Recently, an article published in a national real estate publication stated that more prospective homebuyers are withdrawing purchase offers – presumably due to the uncertainty of the future real estate market. This is not an advantageous position for prospective sellers and buyers – and it has started a shift in market activity. As the number of home sales continue to decline, the number of home refinance applications continue to increase. Homeowners are looking to use the equity in their current homes for home improvements instead of following the traditional path of “buying up” to their next home. Since January 2020, the median home sale price in the North Texas region experienced an increase of 44%! While increasing home prices have made it difficult for first-time buyers to enter the market and current homeowners to “upgrade” to their next home, it makes available opportunities for current homeowners to take advantage of these gains in equity. The growing trend is that instead of selling their homes and using their home value gains to buy their next home, homeowners are tapping into these funds to make improvements to their current homes. Whether a remodeled kitchen or master bathroom or adding an outdoor kitchen and in-ground pool and spa, homeowners are looking towards home improvements to satisfy their family’s needs. Expert Home Evaluation: Parisi Appraisal Group, LLC. is offering Home Evaluations for homeowners interested in taking advantage of lowered interest rates and the equity in their homes. By ordering a Home Evaluation, you will know the current market, be provided comparable properties, and most importantly, know the market value of your home. We recommend that you don’t rely upon mass real estate platforms you find from an internet search – in the fine print they will tell you that their value estimates may or may not reflect the true market value. A Home Evaluation from Parisi Appraisal Group, LLC. is NOT a certified home appraisal. However, we use the same techniques, the same data, and the same methodology to determine our market value opinion. If you refinance, you will be required by the lender to pay for a certified home appraisal to support the underwriter’s decision on your loan request. There are 2 clear benefits of ordering a Home Evaluation BEFORE you initiate the refinance process: 1) Be prepared! No surprises on what your home is worth on the market. National real estate platforms provide a value indication – usually within a wide range, that does not include the market nuances that effect the typical buyer within the local market where your home is located. Knowledge of your home’s true market value enables you to better understand eligible loan amounts and interest rates you can expect based upon the requirements of your prospective lender. 2) The cost of our Home Evaluation is a fraction of the cost of a certified home appraisal. Home Evaluations range from $175.00 to $250.00, whereas a Certified Home Appraisal will cost a minimum of $650.00, and likely be more dependent on your home. *Ask your lender to contract Parisi Appraisal Group, LLC to discuss performing your appraisal.
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